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DOGE has terminated over 120 contracts with Deloitte, totaling more than $1.16 billion, claiming to save taxpayers approximately $371.8 million. This move, part of a broader effort to cut government spending, has significantly impacted consulting firms reliant on federal contracts, with analysts warning of potential revenue declines and job losses in the sector. The cuts follow a directive from the General Services Administration for consultancies to identify non-essential contracts, reflecting the administration's focus on fiscal responsibility.
Accenture's stock plummeted 7% following the cancellation of several multi-million dollar contracts due to cost-cutting measures by Elon Musk’s Department of Government Efficiency. CEO Julie Sweet noted a slowdown in securing new US government contracts, which account for 8% of the company's revenue, and acknowledged ongoing uncertainties as federal priorities shift. Despite the challenges, Sweet expressed optimism about future opportunities to enhance government efficiency.
Accenture has reported a significant decline in revenues due to Elon Musk's spending cuts within the US government, which have slowed new procurement actions. The consulting firm, which relies on government contracts for 8% of its $16.7 billion revenue, has seen its shares drop nearly 10%. Despite these challenges, Accenture's CEO remains optimistic about future opportunities to enhance government efficiency.
Accenture's COO sold shares at an average price of $373.24, resulting in a 22.13% decrease in their holdings, now valued at $6.57 million. Over the past ninety days, insiders sold 36,298 shares worth $13.37 million, while institutional investors own 75.14% of the company. UBS Group raised its price target for Accenture to $455, indicating a potential upside of 21.39%.
Accenture's COO sold shares at an average price of $373.24, totaling $1.87 million, reducing their stake by 22.13%. Over the past 90 days, insiders sold 36,298 shares worth $13.37 million, while institutional investors now hold 75.14% of the company. UBS Group raised its price target for Accenture to $455, indicating a potential upside of 21.39%.
Julie Sweet
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